TIDMGGP
RNS Number : 6504D
Greatland Gold PLC
27 June 2019
27 June 2019
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Greatland Gold plc
("Greatland" or "the Company")
Greatland Commences New Exploration Campaign at Panorama
Project
Field reconnaissance and surface geochemical work will further
investigate the presence of outcropping gold mineralisation over
several kilometres
Detailed, low level airborne survey covering entire project area
to commence during Q3 2019
Greatland Gold plc (AIM:GGP), the precious and base metals
exploration and development company, is pleased to announce that it
has commenced new field activities at the Company's 100% owned
Panorama project with field reconnaissance and surface geochemical
work. Additionally, a detailed, low level aeromagnetic survey
covering the entire Panorama project area is scheduled to commence
in July 2019.
Greatland's first field campaign confirmed the presence of
outcropping gold mineralisation over several kilometres of strike
in the northern part of the Panorama project, and identified two
clusters of gold anomalism in the central parts of the project. The
Panorama project consists of three adjoining licences, covering
approximately 155 square kilometres, located in the Pilbara region
of northern Western Australia.
Highlights:
-- New exploration programme, including surface geochemical work and field reconnaissance, has commenced at Panorama
project.
-- Programme will initially focus on Archean lode style gold mineralisation in the northern parts of the project
area where previous broad spaced rock chip sampling has returned results including 66.0g/t gold and 18.45g/t
gold.
-- Work will include systematic grid based soil sampling and rock chip sampling along the mineralised zone and is
expected to take up to four weeks to complete.
-- Greatland has commissioned a detailed, low level airborne magnetic survey, consisting of approximately 8,000 line
kilometres at a line spacing of 50m, to cover the entire project area.
-- Results from the field campaign and airborne magnetic survey will be used to refine key targets for further
activities.
Gervaise Heddle, Chief Executive Officer, commented: "We are
very pleased to be moving forward with an exciting new exploration
campaign at Panorama. Results from our first field programme
established the presence of gold mineralisation across several
kilometres of strike and confirmed our belief in the significant
potential of the project. The new campaign, commencing today,
represents a step up in the scale of exploration previously
conducted at Panorama. This dual programme of geochemical and
geophysical work will generate a comprehensive dataset to refine
key targets for initial drill testing."
Panorama Project
The Panorama project consists of three adjoining granted
exploration licences located in the Pilbara region of northern
Western Australia. The three licences cover a total area of
approximately 155 square kilometres and are prospective for gold
and base metal mineralisation.
Geology of the area is predominantly greenstone and granite of
the Archean Pilbara Craton in northern Western Australia, and
younger overlying sedimentary and volcanic sequences.
The Company completed a comprehensive review of historical
drainage sampling in 2017 and 2018. A systematic stream sediment
sampling programme was completed over the broader Pilbara region by
Anglo American Corporation in the early 1970s. Samples were
collected at a nominal 2km spacing and results from these samples
have outlined a large cluster of high cobalt in streams. Stream
sediment samples consistently returned over 50ppm cobalt, peaking
at over 70ppm cobalt (against a background of less than 5ppm
cobalt). The area covered by the anomalous cobalt is potentially
the largest coherent cobalt in streams anomaly in Western Australia
being more than 25 kilometres long and up to 10km wide covering an
area of approximately 200 square kilometres. Greatland's licence
applications cover the bulk of the cobalt anomaly.
Following Anglo American in the 1970s additional drainage
samples were collected during the mid 1990s and 2015. A review of
results from this work have identified approximately twenty gold in
stream anomalies within the Company's 130 square kilometre project
area. Gold anomalism in streams peaks at 68.5ppb and 60.0ppb.
Historic gold mines and alluvial occurrences are apparent
immediately north of the Company's licences with the mineralised
trend and geological strike continuing south into the Panorama
project area. Gold in stream anomalies are also present over the
younger Fortescue Group sequences in the southern licence area.
Detailed review of historic work is complete and has revealed
many rock chip samples with an elevated gold response from within
the project area. Rock chip samples were collected during the mid
to late 1990s, mainly over the northern parts of the project area.
The most significant samples identified to date lie along a
north-south trending zone approximately 3.2km long with rock chip
results including 1.4g/t, 2.5g/t, 2.8g/t, 3.2g/t, 10.5g/t, 14.0g/t,
14.5g/t, 20.0g/t and 66.0g/t gold. The geological setting is a
prominent ridge marking the structural contact of basaltic and
ultramafic rocks of Archean age.
In the southern parts of the project area, detailed government
geological mapping confirms the presence of lower Fortescue Group
coarse grained sandstones and conglomerates at two locations
adjacent to the Mt Roe Basalt. This is the equivalent geological
setting to the target horizon of the Purdy's Reward and Comet Well
gold prospects (Novo Resources Corp. TSV-V:NVO). The first area has
a strike length of approximately 1.9km and the second 2.6km. One of
the areas shows a co-incident gold in streams anomaly peaking at
4.6ppb gold. Other gold in stream anomalies are co-incident with
the Mt Roe Basalt sequence.
Greatland's field work to date at Panorama has included stream
sediment sampling, soil sampling and rock chip sampling primarily
focussing on drainage lines following the base of the Mt Roe Basalt
sequence which covers a significant strike length within the
southern parts of the project. Prospecting over the conglomerates
and Mt Roe Basalt in the southern licence returned anomalies at
several areas. The first area returned a cluster of high gold in
stream sediment samples of 38ppb, 41ppb, 48ppb and 76ppb over a
strike length of approximately 1km at the base of the Mt Roe Basalt
with a further 5km of strike remaining untested at this stage. The
second area, also located in the southern licence, returned
anomalous gold in soil samples of 5ppb, 10ppb and 21ppb over
approximately 200m of strike in conglomerates near the base of the
Mt Roe Basalt; this zone remains open to the south.
In the northern licence another area was prospected in Archean
basement rocks. Rock chip samples from here returned 0.61g/t,
0.71g/t, 1.82g/t and 18.45g/t gold over a strike of approximately
3.2km, where historical rock chip samples reported over 10g/t gold
and up to 66g/t gold, essentially confirming mineralisation and the
high grade potential of this zone.
The Mount Roe Basalt sits at the base of the Fortescue Group
stratigraphy that is widespread throughout the Pilbara region of
Western Australia. There is considerable geological discussion as
to the origin of palaeo-placer gold in the Pilbara. It is known to
occur in the Hardy Formation Conglomerate immediately overlying the
Mount Roe Basalt, and it is also known to occur in a
stratigraphically lower conglomerate horizon occurring at the base
of the Mt Roe Basalt. These palaeo-placer deposits are different to
gold associated with other styles of mineralisation such as Archean
lode or epithermal types.
Greatland has commenced field activities at the Panorama project
with surface geochemical work including rock chip sampling and soil
sampling. This will initially focus on Archean lode style gold
mineralisation in the northern parts of the project area where
previous broad spaced rock chip sampling has returned results
including 66.0g/t gold and 18.45g/t gold, and very limited previous
soil sampling returned up to 1,400ppb gold. Mineralisation has been
identified over 3.2km of strike to date. Work will include
systematic grid based soil sampling and rock chip sampling along
the mineralised zone. Prospecting will also be carried out in
adjacent hill sides and drainage lines. This work is expected to
take approximately four weeks. Two other areas in the central parts
of the project area will be subject to basic reconnaissance and
prospecting activities to follow up on gold anomalism detected in
previous field programmes.
High quality geophysical datasets are a critical component of
early stage exploration programmes. Of particular importance are
high resolution aeromagnetic surveys as they are cost-effective and
enable rapid identification and definition of key targets over
large tenement packages.
With a view to refining key target areas within the Panorama
project the company has commissioned a detailed, low level airborne
magnetic survey to cover the entire area. The survey comprises
approximately 8,000 line kilometres at a line spacing of 50m with
an estimated mean terrain clearance of 40m. This data will assist
in geological and structural interpretation and refine key targets
for additional activities. Commencement of the airborne survey is
currently scheduled for July 2019.
Further information on the Panorama project can be found on the
Company web site at www.greatlandgold.com/projects
Competent Person:
Information in this announcement that relates to exploration
results is based on information compiled by Mr Mick Sawyer,
Exploration Manager for Greatland Pty Ltd, who is a member of the
Australian Institute of Geoscientists and is a Registered
Professional Geoscientist (R.P.Geo #10194). Mr Sawyer has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which has
been undertaken to qualify as a Competent Person as defined by the
2012 Edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the JORC Code) and
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr Sawyer consents to the inclusion in the announcement of the
matters based on their information in the form and context in which
it appears.
Information in this announcement that relates to Panorama
project exploration results has been extracted from the following
announcements:
"Panorama Project - New Licence Application", dated 31 May
2018
"Panorama Project - First Exploration Campaign", dated 21
December 2017
"Extensions of Field Operations at Panorama Project", dated 1
November 2017
"Panorama Project Update", dated 24 October 2017
"Panorama Project - Exploration Programme Commences", dated 3
October 2017
"Greatland Gold plans to enter new market with Panorama Cobalt
Project", dated 12 June 2017
Further information on the Panorama licence can be found under
'Panorama' on the Company's website: www greatlandgold.com
Enquiries:
Greatland Gold PLC
Gervaise Heddle/Callum Baxter
Tel: +44 (0)20 3709 4900
Email: info@greatlandgold.com
www.greatlandgold.com
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott/James Keeshan
Tel: +44 (0)20 3368 3550
SI Capital Limited (Broker)
Nick Emerson/Alan Gunn
Tel: +44 (0)14 8341 3500
Luther Pendragon (Media and Investor Relations)
Harry Chathli/Alexis Gore/Joe Quinlan
Tel: +44 (0)20 7618 9100
Notes for Editors:
Greatland Gold plc is London listed (LON:GGP) natural resource
exploration and development company with a current focus on gold,
copper and nickel exploration projects.
The Company has six main projects; four situated in Western
Australia and two in Tasmania. All projects are 100% owned by
Greatland.
In March 2019, Greatland signed a Farm-in Agreement with
Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest
Mining Limited (ASX:NCM), to explore and develop Greatland's
Havieron gold-copper project in the Paterson region of Western
Australia. Newcrest has the right to acquire up to a 70% interest
in a 12 block area within E45/4701 that covers the Havieron target
by spending up to US$65m.
Greatland is seeking to identify large mineral deposits in areas
that have not been subject to extensive exploration previously. It
is widely recognised that the next generation of large deposits
will come from such under-explored areas and Greatland is applying
advanced exploration techniques to investigate a number of
carefully selected targets within its focused licence
portfolio.
The Company is also actively investigating a range of new
opportunities in precious and strategic metals and will update the
market on new opportunities as and when appropriate.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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